Essay About Consumer Wants And Critical Anaysis        References        Introductionthe Problem

McDonald’s Marketing Management
TABLE OF CONTENTI.        INTRODUCTION        II.        DISCUSSION        STP STRATEGY        1.        Market Segmentation        a.        Geographic        b.        Demographic        c.        Psychographic        d.        Behavioral        2.        Targeting        3.        Positioning        MARKETING MIX        1.        Product/Consumer wants and needs        2.        Price/Cost        3.        Promotion/Communication        4.        Place/Convenience        III.        CRITICAL ANAYSIS        REFERENCES        INTRODUCTIONThe problem most businesses, especially in competitive market, face is not the shortage of the goods they are able to supply, but the shortage of the consumers. When this happens, normally businesses tend to lower the price to get the customers’ attention which would just lower the profit (Kotler, 2003. It is necessary to remember that the main goal of businesses is long-term profitability (Hiriyappa, 2013). To this, business can apply marketing strategy to find out how to compete other than price (Kotler, 2003). Marketing strategy is a plan created to meet the needs of consumers (Businesscasestudies.co.uk, 2015).To gain consumers’ attention, it is important for marketers to have a deep understanding of the consumers’ needs, wants and demands as they are the ones who create them (Kotler et al., 2012). Surely, a marketer cannot always satisfy everyone in the market since everyone has different preferences and interests. Thus, marketers can start dividing the market into segments based on the consumers’ preferences and interests (Kotler et al., 2012). As McDonald and Dunbar (2004) suggest, there are three vital determinants of business organizational success: defining the correct market, market segmentation and positioning. Every product offers different value and satisfaction for different consumers. Those business that success in delivering high customer value and satisfaction better than the competitors are able gain competitive advantage because they are able to make the consumers willing to purchase the product over and over again, and therefore lead to high company profitability (Kotler, 1997). In addition, creating a strong, favorable and unique brand image is also necessary (Kotler et al., 2012). Branding creates a personality for the company, product or services which shape how consumers see the organization. In short, to achieve competitive advantage, companies should listen and understand the consumers’ value and satisfaction from their needs, wants and demands by segmenting the market.